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MGX Minerals Files Application to Complete 3D Seismic Survey at Utah Petrolithium Project

VANCOUVER, British Columbia, July 05, 2018 (GLOBE NEWSWIRE) -- MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG) (OTCQB:MGXMF) (FSE:1MG) is pleased report that the Company’s local Operating Partner (the “Partner”) has filed with the U.S. Bureau of Land Management (“BLM”) an application to complete a a 65.4 square mile 3D seismic survey over the Blueberry Unit (“Blueberry”) at the Company’s Utah Petrolithium Project (the “Project”) located in the Paradox Basin of Utah. The survey will include 9,062 source points and comprise 6,354 vibrator points, 841 buggy drill points and 1,867 Heli points. Pending BLM consultation and approval, the Company plans to commence the 3D Seismic Survey in August.

/EIN News/ -- The Blueberry Unit (oil, gas and lithium) and Lisbon Valley claims (lithium) now consist of approximately 115,000 acres of oil and gas leases and 118,000 acres of largely overlying and contiguous mineral claims. The Project is being simultaneously explored for oil, gas, lithium and other brine minerals to determine locations for deployment of the Company’s lithium and mineral extraction technology. Brine content within the Lisbon Valley oilfield have been historically reported as high as 730 ppm lithium (Superior Oil 88-21P). The Lisbon Valley oilfield has approximately 140 wells and is contiguous with the Blueberry Unit. According to production statistics, as reported by the Utah Department of Natural Resources, Oil, Gas and Mining Division, cumulative lifetime production within the Lisbon Valley oilfield has totaled 51.4 million barrels of oil as of January 2018 (“Oil Production by Field, Utah Department of Natural Resources, Division of Oil, Gas and Mining”; January 2018; Click Here). The Paradox Basin has been noted by the USGS as having one of the largest undeveloped oil and gas fields in the United States (“Assessment of Oil and Gas Resources in the Paradox Basin Province…”; USGS; 2011; Click Here).

Blueberry Unit
MGX is currently earning a 75% working interest in the Project, with the remaining interest primarily controlled by the Partner. The Project is host to National Instrument (N.I) 51-101 estimated prospective resources (the “Estimate”) consisting of leasehold and royalty interests in San Juan County, Utah and Miguel County, Colorado. The estimate was prepared by the Ryder Scott Company, L.P. (“Ryder Scott”), an independent qualified reserves evaluator within the meaning of N.I. 51-101 -  Standards of Disclosure for Oil and Gas Activities (“NI 51-101”), with an effective date of June 30, 2017. The Estimate was prepared in accordance with N.I. 51-101 and the Canadian Oil and Gas Evaluation.

Estimated Gross Volumes
Unrisked Prospective (Recoverable) Hydrocarbon Resources
Leasehold Interest in San Juan County, Utah and San Miguel County, Colorado
MGX MINERALS INC.
As of June 30,2017

Formation ULTIMATE RECOVERY OIL – MMBO

ULTIMATE RECOVERY GAS – BCF COC*
LOW BEST

HIGH LOW BEST HIGH  
Paradox Clastics

CB2

41.799 59.498 85.324 33.441 47.602 68.266 0.075
CB3

41.915 60.641 85.833 33.536 48.517 68.671 0.075
CB4

12.766 18.745 26.692 10.213 14.781 21.355 0.075
CB5

33.185 48.065 68.841 26.548 38.453 55.074 0.075
CB6

6.603 9.607 13.874 5.283 7.686 11.100 0.045
CB7

1.892 2.735 3.948 1.514 2.188 3.158 0.032
CB8

19.108 27.525 39.079 15.287 22.022 31.264 0.068
CB9

11.452 16.671 23.711 9.162 13.337 18.970 0.068
CB10

14.565 21.169 30.088 11.652 16.936 24.073 0.068
CB11

2.021 2.929 4.244 1.617 2.344 3.396 0.032
CB12

9.352 13.609 19.525 7.482 10.887 15.620 0.045
CB13

9.333 13.158 19.297 7.468 10.815 15.438 0.045
CB14

3.195 4.621 6.634 2.556 3.697 5.308 0.045
CB15

6.455 9.432 13.633 5.164 7.546 10.908 0.045
CB16

2.752 3.987 5.768 2.202 3.190 4.615 0.045
CB17

3.770 5.390 7.835 3.016 4.313 6.269 0.040
CB18

4.673 6.728 9.572 3.739 5.383 7.658 0.045
CB19

16.690 24.226 34.542 13.358 19.381 27.636 0.068
CB20

2.931 4.253 6.118 2.435 3.402 4.895 0.040
CB21
(Cane Creek)
35.336 51.338 73.971 28.272 41.073 59.177 0.097
CB22

5.635 8.261 11.957 4.508 6.609 9.566 0.045
Leadville

1.000 2.100 4.000 153.000 231.700 341.600 0.066

*COC – Chance of Commerciality = Chance of Discovery * Chance of Development

Petrolithium Technology
MGX’s rapid lithium recovery process concentrates lithium, magnesium and other minerals from a variety of brines, including oil and gas wastewater, natural brine and industrial plant wastewater. The process uses nanofiltration technology that utilizes a proprietary design process currently covered under patent and patent-pending applications. The technology was recently chosen as winner of the Base and Specialty Metals Industry Leadership Award at the 2018 S&P Global Platts Global Metals Awards (see press release dated May 18, 2018).

About MGX Minerals
MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America. Learn more at www.mgxminerals.com.

Contact Information
Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: www.mgxminerals.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.

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